The Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act was passed on 10 April 2019 to establish a regulatory regime to safeguard against money laundering and terrorism financing (ML/TF) amongst precious stones and precious metals dealers (PSMD).

Under this PSPM Act, all PSMDs have to register with the Registrar of Regulated Dealers by 9 October 2019. After this date, it would be an offence for any person to act as or hold out to be a regulated dealer without registration, unless exempted. Any person convicted of this offence shall be liable to a fine not exceeding S$75,000 or to imprisonment for a term not exceeding 3 years, or to both.  In the case of a continuing offence, one shall be liable to a further fine, not exceeding S$7,500, for every day or part of a day during which the offence continues after conviction. Ministry of Law (MinLaw) will take the appropriate enforcement actions against regulated dealers who breach the requirements.